DFX Intelligence

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B••••••••• P•••••• C••••• F•••

Business development companymanaged by B••••••••• P•••••• C••••• S••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by B••••••••• P•••••• C••••• S••••••••• L••, holding $87B across 964 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $87B
Borrowers: 964
Mark on cost: 96.6¢

Schedule of investments (2,411)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$2.41B
on non-accrual, 17 borrowers
17 borrowers on non-accrual, $2.41B principal; the largest is M•••••••• I•• ($1.17B).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen M•••••••• I•• →
$49.4M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $49.4M principal: C•• G•••••• I•• ($49.4M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open C•• G•••••• I•• →
141 below 80¢
$5.68B principal
141 positions across 80 borrowers marked below 80¢ on cost, $5.68B principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
124 → 140
loans paying in kind
Loans paying in kind rose from 124 to 140 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
1034 → 964
borrowers
Lost a net 70 borrowers in the quarter to Jun 30, 2026, to 964.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1803498 · file 814-01358Show

Fair value

$87B

as of Jun 30, 2026

Principal held

$85B

debt pieces, the filer's figure

Cost

$90B

97c on cost, debt pieces

Unfunded

$20B

commitments not yet drawn

Positions

2,411

964 borrowers

First lien

not established

92% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

1,247

88 sponsors financed

Portfolio through time

Fair value by quarter end$87B as of Jun 30, 2026

Dec 31, 2021$36B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$87B	964	97c	140	434 bp
Mar 31, 2026	$91B	1,034	98c	124	435 bp
Dec 31, 2025	$94B	1,060	99c	137	440 bp
Sep 30, 2025	$86B	1,014	99c	113	446 bp

All 17 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$82B	983	99c	108	455 bp
Mar 31, 2025	$80B	948	99c	100	464 bp
Dec 31, 2024	$152B	921	99c	194	476 bp
Sep 30, 2024	$68B	832	99c	69	488 bp
Jun 30, 2024	$63B	786	99c	50	490 bp
Mar 31, 2024	$61B	711	99c	43	500 bp
Dec 31, 2023	$65B	700	99c	41	489 bp
Sep 30, 2023	$56B	639	99c	35	504 bp
Jun 30, 2023	$55B	627	98c	19	501 bp
Mar 31, 2023	$56B	571	98c	23	500 bp
Dec 31, 2022	$70B	897	98c	21	474 bp
Sep 30, 2022	$50B	606	98c	4	509 bp
Dec 31, 2021	$36B	470	100c	0	501 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked

Full timeline · 20 events

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

D••••••• I•• delayed draw term loan
2 BDCs hold it · matures Sep 9, 2030
$1.6B 100c
I•• G•••• H•••••••• I•• revolver
2 BDCs hold it · matures Dec 3, 2029
$1.6B 101c
I••••••• H•••••••• I•• delayed draw term loan
2 BDCs hold it · matures Nov 24, 2033
$1.3B 94c
G••••••••• I•• other
3 BDCs hold it · matures Dec 16, 2030
$1.2B 97c
M•••••••• I•• other
3 BDCs hold it · matures Oct 29, 2028
$1.2B 51c
M•••••••• B••••••••• I•• delayed draw term loan
2 BDCs hold it · matures May 18, 2029
$1.2B 102c
Z••••••• I•• revolver
3 BDCs hold it · matures Nov 22, 2028
$1.1B 99c
M••••••• F•••••••• delayed draw term loan
2 BDCs hold it · matures Sep 28, 2029
$1.1B 114c
L••• G••••• I•• delayed draw term loan
1 BDC hold it · matures May 10, 2030
$963M 101c
C•••••• L••••••• G••••• I•• revolver
2 BDCs hold it · matures Jul 20, 2028 · possible sponsor V•••••• C•••••• F••• M••••••••• L•••••
$958M 93c
T•••••••• B•••• L•••••• delayed draw term loan
2 BDCs hold it · matures Jul 1, 2031
$948M 99c
S•••• B•••• L•• other
3 BDCs hold it · matures Oct 17, 2031
$929M 100c

Schedule of investments at Sep 30, 2025

2,383 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T••••••• U•• L••• 1•	unstated lien unstated	$182M	$182M 102c	S+500 bp	Jun 17, 2032
M•••••••• I•••	unstated lien unstated	$220M	$181M 83c	S+650 bp PIK 4.00%	Oct 29, 2028
H••••••••• H•••••• C••••••• L••	term loan lien unstated	$188M	$180M 96c	S+625 bp PIK 3.00%	Nov 8, 2029
S••••••• S••••• H••••••••• S•••••••• L••	unstated lien unstated	$177M	$177M 101c	S+500 bp	Jan 2, 2029
D••••••• C••••	unstated lien unstated	$177M	$177M 101c	S+500 bp	Aug 2, 2030
P• I••••••••• H••••••• I••• L••	delayed draw term loan lien unstated	$174M	$174M 100c	S+500 bp PIK 1.75%	Apr 9, 2030
B••••• H•••••••• I•••	delayed draw term loan lien unstated	$174M	$174M 101c	S+500 bp	Apr 30, 2030
F••••••• D••••••••• H•••••••• L••	delayed draw term loan lien unstated	$174M	$173M 100c	S+475 bp	Nov 4, 2031
O•••• C••• a•• C••• E••••••••• E•••••• J• L•	unstated lien unstated	Not disclosed	$173M 100c
J•••••• B•••••• L••	unstated lien unstated	$188M	$171M 91c	S+600 bp	Feb 25, 2027
E•••••• S••••• B••••••• T••••• L••	unstated lien unstated	$170M	$168M 100c	S+475 bp	Sep 2, 2032
O••••• P••••••••• I•••	unstated lien unstated	$167M	$167M 100c	S+425 bp	May 19, 2032
A•••••• D••••••• S••••••• L••	unstated lien unstated	$168M	$167M 100c	S+525 bp	May 29, 2031
R•••• M•• A••••••••• C••••	unstated lien unstated	$166M	$166M 101c	S+500 bp	Apr 2, 2029
O•••• P•••••••• L••• 1•	delayed draw term loan lien unstated	$165M	$165M 100c	S+500 bp	May 31, 2032
P•••••• S••••••• S•• r•••	unstated lien unstated	$140M	$165M 107c	S+275 bp	Oct 2, 2028
G•••••• I•••••••• L••	unstated lien unstated	$165M	$164M 101c	S+500 bp	Sep 30, 2031
F••••• P••••• H•••••••• I•••	unstated lien unstated	$164M	$162M 100c	S+500 bp	Nov 6, 2031
C• T••••••••• I••••••••• H•••••••• I•••	unstated lien unstated	$162M	$162M 101c	S+500 bp	Aug 30, 2031
C• T••••••••• I••••••••• H•••••••• I•••	unstated lien unstated	$161M	$161M 101c	S+475 bp	Aug 30, 2031
C•••••••• B••••• I•••	unstated lien unstated	$162M	$160M 100c	S+475 bp	Jun 26, 2032
e••••••••• I•••	unstated lien unstated	$160M	$160M 101c	S+475 bp	Jan 19, 2032
C•• M•• T••••• L••	unstated lien unstated	$159M	$159M 101c	S+550 bp	Feb 1, 2029
I••••••••• C•••••••••	unstated lien unstated	$177M	$158M 90c	S+575 bp	Apr 1, 2028
C••••••••• A••••••••• I•••	revolver lien unstated	$155M	$155M 100c	S+475 bp	May 15, 2031
W••• S••• A••••••• A••••••••• L••	unstated lien unstated	$154M	$154M 100c	S+450 bp	May 20, 2032
U• O••• S•••••• M••••••••• H•••••• L••	unstated lien unstated	$154M	$154M 101c	S+525 bp	Nov 20, 2028
V•••••• C•• B••••• L••	revolver lien unstated	$150M	$150M 101c	S+475 bp	Jun 1, 2029
R•••••• S••••••• G••••• L••	delayed draw term loan lien unstated	$148M	$148M 101c	S+525 bp	Jun 15, 2029
E•• P••••••••• I•••	unstated lien unstated	$148M	$147M 100c	S+450 bp	Mar 12, 2032
T•• I••••••••• L••	unstated lien unstated	$146M	$146M 101c	S+475 bp	Dec 15, 2031
S•• H•••••• C•• I•••	unstated lien unstated	$146M	$146M 101c	S+550 bp	Sep 24, 2027
A•••• S••••••••• P••••••• F•••••• 2• L•	revolver lien unstated	$147M	$146M 102c	S+150 bp
I••••••• H•••••••• I•••• 1•	delayed draw term loan lien unstated	$144M	$144M 101c	S+850 bp PIK 12.78%	Nov 24, 2033
L••••••••• L••	unstated lien unstated	$145M	$144M 99c	S+625 bp	May 1, 2027
O••••• A•	delayed draw term loan lien unstated	$144M	$144M 100c	S+550 bp	Dec 31, 2030
B••••••••• T••••••••• I•••	unstated lien unstated	$141M	$141M 100c	S+450 bp	Mar 11, 2032
V••••• C••••••••• I•••	unstated lien unstated	$141M	$140M 100c	S+450 bp	Apr 16, 2031
C••••• H•••••••• I•••	term loan lien unstated	$138M	$138M 101c	S+525 bp	Dec 27, 2027
J••• B••••• I•••	unstated lien unstated	$137M	$137M 101c	S+500 bp	Dec 15, 2027
S•••• D••••••• L••• E•••••• J• L•	revolver lien unstated	$141M	$136M 97c	S+575 bp	Dec 23, 2028
T•••••••• O••••••••• H•••••••• I•••	unstated lien unstated	$136M	$135M 101c	S+625 bp PIK 4.88%	Feb 11, 2032
I•• H•••••• I•• A•	unstated lien unstated	$136M	$135M 101c	S+615 bp PIK 10.19%	Aug 29, 2033
B•••• 7• S•••••	delayed draw term loan lien unstated	$115M	$135M 114c	S+500 bp	Dec 10, 2031
M•••••••• B••••••••• I•••	delayed draw term loan lien unstated	$100M	$135M 109c	S+450 bp	May 18, 2029
E•• B••••• A•	delayed draw term loan lien unstated	$114M	$134M 117c	S+500 bp	Jul 19, 2029
R•••• B••••• I•••	revolver lien unstated	$144M	$132M 93c	S+625 bp PIK 3.50%	Jul 19, 2029
L•• M••••••••• A••••••••• L••	unstated lien unstated	$134M	$132M 99c	S+625 bp	Sep 1, 2027
D•••• T••••• I•••	unstated lien unstated	$132M	$132M 101c	S+525 bp	Dec 1, 2030
C•••• P•••••• I•••	revolver lien unstated	$133M	$131M 101c	S+500 bp	Dec 18, 2031
C•••••••	revolver lien unstated	$131M	$131M 100c	S+295 bp	Jul 2, 2027
G••••• B••••• G•••	delayed draw term loan lien unstated	$110M	$129M 112c	S+575 bp	Apr 23, 2031
M••• P••••••••• I•••	unstated lien unstated	$135M	$128M 96c	S+625 bp	Dec 9, 2027
R•• R•••• T••••••••• L••	delayed draw term loan lien unstated	$145M	$128M 88c	S+600 bp	May 26, 2027
B••••••• G••••• S••••••••• I•••	unstated lien unstated	$130M	$128M 100c	S+550 bp	Aug 27, 2032
M••••••• F••••••••• S•• r•••	delayed draw term loan lien unstated	$111M	$127M 119c	S+600 bp	Sep 28, 2029
A•• G•••• H•••••••• I•••	revolver lien unstated	$137M	$125M 93c	S+600 bp PIK 3.25%	Aug 2, 2028
K•••••• I•••	revolver lien unstated	$125M	$125M 101c	S+500 bp	May 20, 2033
P•• I••••••••• H•••••••• L••	unstated lien unstated	$125M	$125M 101c	S+575 bp	Aug 31, 2029
K•••••• I•••	revolver lien unstated	$124M	$125M 101c	S+325 bp	Mar 22, 2032
C••••••• B••••• I•••	revolver lien unstated	$123M	$123M 102c	S+675 bp	Nov 8, 2030
G••••• P••••••••• R•••• S••••••• L••	unstated lien unstated	$121M	$121M 101c	S+450 bp	Jan 2, 2032
A•• G•••• H•••••••• I•••• E•••••• J• L•	revolver lien unstated	$132M	$121M 92c	S+600 bp PIK 3.25%	Aug 2, 2028
P•••••• L•••••• H•••••••• I•••	revolver lien unstated	$132M	$120M 93c	S+525 bp	Jul 20, 2029
G•••••• B••••• I•••	unstated lien unstated	$120M	$118M 100c	S+500 bp	Jul 31, 2031
S••••••••• I•••	unstated lien unstated	$123M	$118M 96c	S+650 bp	Sep 30, 2027
T•••••• A•• C••••••••• H••••••• C••••• E•••••• J• L•	revolver lien unstated	$118M	$118M 100c	S+425 bp	Jun 29, 2029
C•••••••• B••••• I•••	revolver lien unstated	$117M	$117M 101c	S+450 bp	Aug 31, 2029
S•••• D••••••• L••	revolver lien unstated	$123M	$117M 98c	S+590 bp	Dec 23, 2028
A•••••••• H•••••••• L••	unstated lien unstated	$117M	$116M 101c	S+500 bp	Aug 31, 2029
C•• B••••• I•••	revolver lien unstated	$116M	$115M 100c	S+500 bp	May 13, 2032
E•• B••••• A•	delayed draw term loan lien unstated	$114M	$114M 101c	S+500 bp	Jul 19, 2029
B•••• V•••••••• J• L•	equity equity	Not disclosed	$114M 97c
P••••• I••••••••• H•••••••• I•••	delayed draw term loan lien unstated	$114M	$114M 101c	S+475 bp	Jun 2, 2029
K•••• A••••••••• I•••• E•••••• J• L•	unstated lien unstated	$133M	$114M 88c	S+550 bp	Oct 19, 2028
P••••• C••••	delayed draw term loan lien unstated	$114M	$114M 101c	S+600 bp PIK 2.25%	Oct 30, 2030
M••••••• A••••••••• I•••	unstated lien unstated	$114M	$114M 102c	S+500 bp	May 10, 2030
C•••••• C••••	unstated lien unstated	$115M	$114M 100c	S+450 bp	Mar 5, 2032
M•••••• B•••• G••••• L••••••	delayed draw term loan lien unstated	$84.2M	$113M 107c	S+600 bp	Jan 31, 2031
H••• F••••• L•••	unstated lien unstated	$84.6M	$111M 104c	S+550 bp	Mar 27, 2032
E••• A••••••••• L•••	delayed draw term loan lien unstated	$110M	$110M 102c	S+600 bp	Nov 18, 2030
A• T•••• P•••••• I•••	unstated lien unstated	$110M	$110M 101c	S+450 bp	Aug 29, 2031
E•••••••• I•••	unstated lien unstated	$109M	$109M 101c	S+600 bp PIK 3.25%	Feb 24, 2028
V•••••• P•••••• L••	term loan lien unstated	$108M	$108M 104c	S+475 bp	Jul 1, 2032
R•• F•• C• A••••••••• C••••	delayed draw term loan lien unstated	$107M	$107M 102c	S+600 bp	Mar 4, 2030
A••••• P••••• C••••	preferred equity equity	Not disclosed	$107M 120c	PIK 12.75%
M••• H••••••• C•• 1• E•••••• J• L•	delayed draw term loan lien unstated	$107M	$107M 101c	S+550 bp	Dec 1, 2027
M••••••• B••••• I•••	delayed draw term loan lien unstated	$106M	$106M 100c	S+475 bp	May 18, 2028
F•••••• S••••• G•••• A••••••••• L••	delayed draw term loan lien unstated	$109M	$105M 97c	S+600 bp	Feb 26, 2027
C••••••• B••••• I•••	unstated lien unstated	$106M	$104M 99c	S+550 bp	Jul 14, 2027
D• I••••••••• P•••••• L••	unstated lien unstated	$104M	$103M 101c	S+475 bp	Sep 30, 2030
D•••• T••••• I•••	unstated lien unstated	$104M	$103M 99c	S+275 bp	Nov 30, 2029
C••• H•••••••• L••• E•••••• J• L•	revolver lien unstated	$102M	$102M 100c	S+450 bp	Nov 2, 2027
G• R••••• I••••••••• L••	revolver lien unstated	$102M	$102M 101c	S+575 bp	Oct 29, 2028
K•••••••• P•• B••••• I•••	unstated lien unstated	$102M	$102M 101c	S+500 bp	Dec 10, 2027
F••••••••• M••••• L••	unstated lien unstated	$101M	$101M 101c	S+525 bp	Nov 17, 2029
P•••••• R••• U••••••• P••••• C••••• 1•	unstated lien unstated	$101M	$101M 100c	S+525 bp	Mar 10, 2029
P••••••• R••••••••• P• H•••••••• L••	delayed draw term loan lien unstated	$101M	$100M 100c	S+475 bp	Sep 11, 2028
N•••• T••••• I•••	revolver lien unstated	$99.1M	$99.1M 102c	S+525 bp	Nov 9, 2030
A•••• G••••• I•••	delayed draw term loan lien unstated	$94.5M	$97.4M 104c	S+550 bp	May 30, 2033

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Registration

Fiscal year end: 1231reported
Incorporated: unknownreported
On the SEC BDC report: 2021 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001803498-26-000048reported

Not yet on record: first lien.